The pound and GBP / USD have been rising since the beginning of this month, receiving support from the reduced risks of the “hard” Brexit.
On Tuesday, the GBP / USD pair reached a local and 2-month high near 1.2530 (June lows), through which the upper border of the descending channel on the daily chart passes.
A breakthrough of this resistance level will open the way for the growth of GBP / USD into the zone of resistance levels 1.2565 (ЕМА144 on the daily chart), 1.2660 (ЕМА200 on the daily chart).
Growth above the resistance level of 1.2660 is unlikely.
In an alternative scenario, a breakdown of the support levels of 1.2400 (ЕМА200 on the 1-hour chart), 1.2310 (ЕМА200 on the 4-hour chart) will indicate the resumption of the bearish GBP / USD trend.
The current goal of the decline is the support level of 1.2000 (2017 lows and the Fibonacci level 0% of the correction to the decline of the GBP / USD pair in the wave that began in July 2014 near the level of 1.7200).
Long-term negative dynamics prevail. Below the support level of 1.2310, short positions will again become preferable.
Support Levels: 1.2400, 1.2310, 1.2270, 1.2255, 1.2200, 1.2175, 1.2150, 1.2100, 1.2000
Resistance Levels: 1.2530, 1.2565, 1.2660
Sell Stop 1.2390. Stop-Loss 1.2540. Take-Profit 1.2310, 1.2270, 1.2255, 1.2200, 1.2175, 1.2150, 1.2100, 1.2000
Buy Stop 1.2540. Stop-Loss 1.2390. Take-Profit 1.2565, 1.2660
Latest Forex News, Analysis & Market Moving Events:
Important Categories Of News Section:
Free Forex eBooks:
Forex Brokers Reviews:
Forex Trading Strategies: